Hong Kong Police Arrest Suspects in JPEX Scandal

The Hong Kong police arrested eighteen individuals on charges of suspected fraud in connection with unlicensed crypto exchange JPEX. According to reports, the alleged fraud involved over 2000 victims and resulted in losses of more than HK$1.5 billion. This news followed the Hong Kong Securities and Futures Commission’s (SFC) releasing of two public warnings in September 2023 regarding JPEX’s false claims to be regulated and its involvement in prohibited activities. In this newsletter the details behind the scandal are explored and the current investigation and the potential ramifications of the situation are considered.

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